36氪·2025-08-14 10:22Core Viewpoint - The article discusses the controversy surrounding Huanfang Quantitative, particularly its involvement in a commission kickback scandal, which has raised concerns about its future and its relationship with its AI subsidiary, DeepSeek [4][6][8]. Group 1: Scandal Overview - A commission kickback scandal involving Huanfang Quantitative has come to light, revealing a long-term collusion between its market director and a broker from China Merchants Securities, resulting in the misappropriation of 118 million yuan over six years [5][12][13]. - The scandal has drawn public attention due to Huanfang's dual identity as a leading quantitative private equity firm and the parent company of AI star DeepSeek, complicating its public image [6][8][28]. Group 2: Financial Operations - The kickback scheme involved creating fictitious broker identities to funnel large trading volumes into specific branches, exploiting a commission structure that allowed for a 40% rebate [12][16]. - Huanfang's trading model relies on high-frequency trading, which generates substantial commissions that have become a significant profit source for brokerage firms [14][15]. Group 3: Company Growth and Relationships - Huanfang Quantitative has experienced explosive growth since 2018, becoming the first domestic quantitative hedge fund to surpass 100 billion yuan in assets under management [20][22]. - The relationship between Huanfang and China Merchants Securities has deepened, with a significant portion of Huanfang's products being custodied by China Merchants, indicating a close operational tie [22][25]. Group 4: Strategic Shift - Following the scandal, Huanfang has ceased raising new asset management products, indicating a strategic shift from quantitative trading to AI research and development [28][29]. - The company is attempting to transition from a quantitative investment firm to an AI technology platform, reflecting a broader industry trend towards integrating advanced technologies [28][30]. Group 5: Compliance and Governance - The scandal has prompted Huanfang to prioritize compliance and governance, as evidenced by its recruitment of compliance and legal professionals following the investigation of its market director [31]. - The incident serves as a public examination of Huanfang's operational practices, highlighting the need for a balance between technological innovation and regulatory compliance in the financial sector [31].